Daily Pivots: (S1) 1.1010; (P) 1.1040; (R1) 1.1063; More…
EUR/CHF lost momentum after hitting 1.1072 and intraday bias is turned neutral first. As long as 1.0983 support holds, further rally is expected in the cross. Current rise from 1.0629 should target 1.1127/98 resistance zone. However, break of 1.0983 will indicate short term topping and turn bias back to the downside for 55 day EMA (now at 1.0906).
In the bigger picture, the price actions from 1.1198 are seen as a corrective move. Such correction could have completed after defending 38.2% retracement of 0.9771 to 1.1198 at 1.0653. Decisive break of 1.1198 will resume the long term rise from SNB spike low back in 2015. In such case, EUR/CHF could eventually head back to prior SNB imposed floor at 1.2000. However, rejection from 1.1198 will extend the multi-year range trading with another fall.
